Ackman’s Pershing Square Exited Mondelez in Second Quarter

Activist hedge-fund manager William Ackman exited his stake in snack-maker Mondelez International Inc. in the second quarter and reduced his position in Matson Inc.

The Wednesday regulatory filing from Mr. Ackman’s hedge-fund firm, Pershing Square Capital Management LP, did not reflect planned sales of up to seven million shares by Mr. Ackman of his position in Canadian Pacific Railway Ltd. It did, however, reflect the big stake Pershing recently disclosed in

Air Products and Chemicals Inc., made through a special-purpose vehicle to invest just in Air Products.

Mr. Ackman has been under pressure recently, with his Herbalife Ltd. and Penney bets working against him. Mr. Ackman resigned from Penney’s board earlier this week after making public information about the company’s CEO search, disclosures some of his directors viewed as a breach of his boardroom duties.

He faces various restrictions that limit when and to whom he can sell his stock. In a separate regulatory filing on Wednesday, Pershing Square stated that it “intends to review their investment” in Penney “on a continuing basis.”

Pershing returned 4% through July, according to an investor, compared to 7.7% by other stock hedge funds on average, according to research firm HFR.